Forum Markets, Incorporated · NASDAQ:FRMM
Forum Markets — Investor Presentation (October 2026)
18 slides from Forum Markets's investor presentation, Oct 5, 2026
Slide 1: Forum Edge AI: Inference Infrastructure Opportunity
Forum Edge AI: Inference Infrastructure Opportunity October 2026
Slide 2: Disclaimer
Disclaimer 2 Unless the context otherwise provides, "we," "us," "our," the "Company," "Forum," "Forum Markets," and like terms refer to Forum Markets, Incorporated and its subsidiaries . Disclaimers and Other Important Information We have not authorized any other person to provide you with any infor
Slide 3: Investment Highlights
Investment Highlights 3 Preeminent management team: Decades of collective experience across infrastructure, aviation, energy, and AI real assets paired with Edge Node AI's technical expertise to drive modular HPC deployments at powered sites from day one. Modular deployment Forum has fully funded Ph
Slide 4: Where the Leverage Comes From
Where the Leverage Comes From Phase 0 Scope Footprint and Economics At Fully-Funded Phase 0 Only Illustrative Earnings Consolidated at Forum Revenue begins at energization. GPUs are ordered against paired offtake agreements Phase 0 carries the equity case. Beyond Phase 0, capacity is added one modul
Slide 5: Forum Markets Leadership
Forum Markets Leadership McAndrew Rudisill, Chairman and CEO • 25 years experience private and public equity & credit markets • Founder Pelagic Capital Advisors • Former Chief Investment Officer, Capital Vacations • Former Chief Investment Officer, Bridger Aerospace John Saunders, CFO • Senior finan
Slide 6: Extending Digital Infrastructure to Compute Financing
Extending Digital Infrastructure to Compute Financing Forum's Platform Approach Four On Platform RWA Classes Today Naturally Meets AI Token Production The compute footprint is moving; Forum has identified an under-served and under-capitalized opportunity Centralized hyperscale Distributed metro edge
Slide 7: Forum Edge AI Platform
Forum Edge AI Platform Edge Node AI Technology | Sites | Operations Forum Markets Nasdaq: FRMM | Manager | Capital, structure and distribution Mallik Panda Founder, CEO, & CTO Founded iTeam Inc; Martech for Apple's iPhone launch, Hilton, BofA and NYSE Narendra Manney President, Growth & SPV 30+ year
Slide 8: Unlocking Powered Compute Adjacent to Demand
Unlocking Powered Compute Adjacent to Demand Delivering distributed capacity in already energized footprints: quickly and without mega project risks Traditional Greenfield 4 7 years Acquire land Interconnect Permit Construct Energize Install compute Forum Edge Node JV 12 20 weeks per pod 18 WEEKS In
Slide 9: Risk-Controlled Scale into a Large, Durable Edge Inference Market
Risk-Controlled Scale into a Large, Durable Edge Inference Market Inference is where the market is going; we can already deliver proximity with granular, controlled expansion Source(s): MarketsandMarkets, AI Inference Market — Global Forecast to 2030 (27 February 2025): $106.2bn in 2025 to $255.0bn
Slide 10: The Metro Module - One Hub, Up to Fifty Tower Sites
The Metro Module - One Hub, Up to Fifty Tower Sites Tower sites carry 91% of the GPUs and 91% of the capital in a metro module One Hub, Up to Fifty Tower Sites - Discretely Financed The Entities Behind It Metro Hub 2,160 GPUs | 4.9 MW 50-75 Mile Service Radius: 1 2 ms Up to 50 tower sites 21,600 GPU
Slide 11: Discrete Pods Scale by Tower Site, then by Metro Hub
Note: Represented figures are per underwriting assumptions & model inputs. 1. Each block = 1 MW of contracted capacity per underwriting assumptions & model inputs. 2. Additional earnings may be available through virtualization. Discrete Pods Scale by Tower Site, then by Metro Hub Per B300 Pod 32 Nod
Slide 12: Contracted Customers and Segmentation Strategy
Contracted Customers and Segmentation Strategy Balances offtaker support for equipment finance with attractive spot given speed-of-delivery Representative Offtakers Multi-Tenant Virtualization Virtualizing GPUs; Multiple tenants share each chip and sold through their marketplace Stage MSA(1) Inferen
Slide 13: Tower Power
Tower Power Stage Phase 1 MW Deployable(1) Available MW at 1-2 MW / site Sites Screened for Day 1 % Market Share # of Sites Owner MSA signed 217-434 MW 486-972 MW ~486 ~4% ~17,000 Finalizing MSA 67-134 MW 192-384 MW ~192 ~1% >2,500 To be disclosed 194-388 MW 429-858 MW ~429 ~4% >15,000 In evaluation
Slide 14: GPU Supply Secured
GPU Supply Secured Installed cost per GPU, annual revenue per GPU, and residual value against the loan balance Equipment Cost Bridge: Percent of All-In Cost per GPU 67% 11% 8% 4% 4% 6% 100% GPU servers Storage and management Network and firewalls Support and services Rack, PDU and install Site and c
Slide 15: Tower Footprints Motivate Discretely Built, National Network
Tower Footprints Motivate Discretely Built, National Network Strategic start in North Carolina and Texas with outsized expansion opportunity across continental united states 30 Largest US Metros 150m people, ~45% of the US 2 Hub Markets(1) Dallas 4 MW · NC 6 MW Up to 50 Sites Per Metro Up to 50 towe
Slide 16: Phasing Unlocks Immediate Capacity, Rapid Expansion
Platform Cum. Exp. MW Energized Incremental Expected MW Phase Dallas 4 MW, NC 6 MW, 1 Tower ~11 11 Phase 0 NC to 9 MW, Towers to 50 63 51 Phase 1 2 Regional Hubs; Towers to 100 120 58 Phase 2 4 Data Centers, 100 Towers 120 - Total Immediate Capacity, Rapid Expansion Phase 0 establishes first tower d
Slide 17: Unit Economics
Unit Economics Discretely scalable project deployments equity underwriting perspective Percent of Net Revenue(1) Net Revenue Tower Hosting Power Network Transit O&M Hardware Maintenance Day-2 and Software Tax and Insurance Overhead Allocation Project Contribution Margin Interest Principal and Deposi
Slide 18: Market Competitive Context
Market Competitive Context Public Tower Partnership Edge / Inference Focus Scale Market Cap / Valuation(1) Model Company >10 MW in 1H27 Access to ~1,000 sites (1 2 MW per site) Tower-anchored Edge GPUs × × 10 100 MW+ $63.7 billion Neocloud × × 100 MW+ $48.9 billion Hyperscale GPU Cloud × × 20 MW+ $1